2019 (4) TMI 1123

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....evenue crosses this hurdle, the question then to be decided is whether the sale of an immovable property by the respondent assessee had resulted into short term or long term capital gain. 3. Perusal of the documents on record with the assistance of the learned counsel for the Revenue would show that the Tribunal, in the process of holding that the reassessment was invalid, had relied upon its own decision in case of the brother of the present assessee. The Tribunal had eventually came to the conclusion that the reassessment was based on mere change of opinion. 4. Learned counsel Mr. Chhotaray for the Revenue fairly brought to our notice an order dated 24.4.2018 passed by this Court in Income Tax Appeal No. 1432 of 2007 in case of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on during the regular assessment proceedings under Section 143(3) of the Act. This is evident from the letters of the appellant disclosing all facts during the regular Assessment proceedings. Therefore, it held it to be a case of change of opinion on the part of the Assessing Officer and therefore absence of any reason to believe that income chargeable to tax has escaped assessment. Moreover, the impugned order of the Tribunal seems to have referred to the reasons recorded in support of the impugned notice and concluded that there was absence of application of mind by the Assessing Officer and the reopening notice was issued on borrowed satisfaction i.e. on the basis of audit objection. In the aforesaid facts, the impugned order of the Trib....